58 of 2014 national insurance (contributions) (amendment) regs 2014 1

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE (CONTRIBUTIONS) (AMENDMENT) REGULATIONS 2014 (Legal Notice 58 of 2014)

ARRANGEMENT OF REGULATIONS REGULATION

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Citation and commencement Interpretation Regulation 6 amended Regulation 11 amended Regulation 16 amended Regulation 19 amended Regulation 30A inserted

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TURKS AND CAICOS ISLANDS NATIONAL INSURANCE (CONTRIBUTIONS)(AMENDMENT) REGULATIONS 2014 (Legal Notice 58 of 2014) MADE by the Minister under sections 10 and 12 of the National Insurance Ordinance.

Citation and commencement 1. (1) These Regulations may be cited as the National Insurance (Contributions) (Amendment) Regulations 2014 and except for regulation 3, shall come into operation on 2 January 2015.

(2) Regulation 3 shall come into operation on 1 April 2015.

Interpretation 2. In these Regulations, “principal Regulations” mean the National Insurance (Contributions) Regulations.

Regulation 6 amended 3. Regulation 6 of the principal Regulations is amended by deleting paragraphs (a) and (b) and substituting— “(a) $700 per week beginning 1 April 2015; $810 per week beginning 1 April 2016 and $925 per week beginning 1 April 2017 in the case of an employed person paid weekly or otherwise but not monthly; or (b) $3,000 per month beginning 1 April 2015; $3,500 beginning 1 April 2016 and $4,000 beginning 1 April 2017 in the case of an employed person paid monthly.”.

Regulation 11 amended 4. Regulation 11of the principal Regulation is amended— (a) in subregulation (2)—

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(i) by deleting the words “the office of the Board” and substituting the words “any place acceptable to the Board and”; and (ii) by deleting the words “in any particular case or class of cases”; and (b) by inserting after subregulation (4) the following subregulation— “(5) Notwithstanding subregulations (3) and (4), each employer shall furnish to an office of the Board in respect of each calendar month, a statement of contributions as prescribed in subregulation (3) no later than the end of the following calendar month whether or not contributions are being paid at the time, which shall be presumed to be a true and accurate record for such period.”.

Regulation 16 amended 5. Regulation 16(2) of the principal Regulations is amended by deleting the words “at the office of the Board designated by the Director in his case” and substituting the words “or in such other manner as the Director may authorise at any place acceptable to the Board and designated by the Director”.

Regulation 19 amended 6. Regulation 19(1) of the principal Regulations is amended by deleting “5.5%” and substituting “10%”.

Regulation 30A inserted 7. The principal Regulations are amended by inserting after regulation 30 the following regulation— “30A (1) Where an insured person is employed or registered as a self-employed person, that employment shall be regarded as continuing, unless the person notifies the Board in writing of a discontinuance of the employment no later than the end of the calendar month following that which includes the date of such discontinuance of employment.

(2) Notwithstanding sub-regulation (1), the Director may waive any contributions and additional charges payable for the period during which there was a failure

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to give notification of discontinuance of employment, where the self-employed person proves to the satisfaction of the Director that he was not employed during that period.�. __________

Made this 4th day of December 2014.

WASHINGSTON MISSICK MINISTER RESPONSIBLE FOR NATIONAL INSURANCE

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EXPLANATORY NOTE (This note is not part of the Regulations) These Regulations seek to— (a) increase the maximum earnings limit (wage ceiling) on which contributions are paid from $600.00 per week to $925 per week for weekly paid employees and from $2,600.00 per month to $4,000.00 for monthly paid employees in three annual incremental steps commencing April 2015; (b) make provision for the payment of contributions to be made at places other than an office of the Board; (c) make provision for payment of contributions to be made in a manner other than in cash or cheque; (d) increase the rate of voluntary contributions so as to limit the potential for excessive pensions by formerly employed persons who elect to contribute as a voluntary insured person after leaving the Turks and Caicos Islands and residing overseas; (e) make provision for self-employed persons’ employment to be continuous where there is a failure to notify the Board of a discontinuance of employment and to give the Director power to waive the contributions and additional charges in certain circumstances.

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